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| The Determinants of IPO Pricing: Past Performance orTechnology Innovation?Evidence from CHINEXT Market |
| XU Haoping, SHI Haina, JIN Yufang
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| School of Management, Fudan University |
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Abstract This paper investigates the role of past financial performance and technology innovation on IPO pricing in Chinext market. The evidence documented in our study is different from that in the developed markets. We find that the past financial performance is the most important determinant of valuing a firm during both the book building stage and the trading stage. Information on innovation is value relevant only for institutional investors during the book building stage while it is not value relevant in the secondary market.
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Received: 25 June 2014
Published: 18 January 2018
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